MRG-003 is a monoclonal antibody conjugated commercialized by Lepu Biopharma, with a leading Phase II program in Adenocarcinoma Of The Gastroesophageal Junction. According to Globaldata, it is involved in 8 clinical trials, of which 1 was completed, 6 are ongoing, and 1 is planned. GlobalData uses proprietary data and analytics to provide a complete picture of MRG-003’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for MRG-003 is expected to reach an annual total of $90 mn by 2036 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

MRG-003 Overview

MRG-003 is under development for the treatment of unresectable locally advanced or metastatic biliary tract cancer, metastatic colorectal cancer, adenocarcinoma of the gastroesophageal junction, nasopharyngeal cancer, non-small cell lung cancer, esophageal cancer, duodenal cancer and recurrence or metastatic head and neck squamous cell carcinoma. It is administered by intravenous drip route. The drug candidate is an antibody-drug conjugate. It acts by targeting EGFR.

Lepu Biopharma Overview

Lepu Biopharma is a biopharmaceutical company focusing on oncology therapeutics. Lepu Biopharma is headquartered in Shanghai, China.

The operating loss of the company was CNY1,009.6 million in FY2021, compared to an operating loss of CNY520.4 million in FY2020. The net loss of the company was CNY1,011 million in FY2021, compared to a net loss of CNY581.9 million in FY2020.

For a complete picture of MRG-003’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.